Where to get a $70,000 loan

If you’re planning to take out a $70,000 loan to consolidate debt, fund a major purchase or advance another financial goal, it’s important to weigh your options.

Traditional personal loans tend to have lower rates than credit cards, so they can be an attractive option. But you’ll want to consider your personal finances and what terms you’re likely to qualify for, as well as how payments will fit into your monthly budget.

We’ll review lenders you may want to consider and guide you through the process of applying for a loan.

Monthly payments for a $70,000 personal loan

Loan durationAverage monthlypayments ($70,000 loan)Poor creditAverage creditGood creditExcellent credit1-12 months13-24 months25-36 months37-48 months
Average monthly loan payments are based on aggregate TransUnion credit report data from Credit Karma members with active personal loans as of December 2022
  • The best $70,000 personal loans
  • How to get a $70,000 loan
  • FAQs about $70,000 loans

The best $70,000 personal loans

Wells Fargo

You won’t be charged an origination fee or prepayment penalty. And setting up autopay will qualify you for an interest rate discount. But you must already be a Wells Fargo customer to apply for a loan. And while Wells Fargo offers a rate-estimate calculator, it doesn’t provide the option to prequalify, so your only application option comes with a hard credit check.

LightStream

Only borrowers with good-to-excellent credit can qualify with LightStream, but the lender offers competitive interest rates and a rate discount for autopay. Unfortunately, there’s no prequalification process available.

USAA

You can get an autopay discount on your interest rate, and you won’t pay application or prepayment penalty fees. But only USAA members can apply, and membership is limited to veterans, service members and military family members.

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SoFi

You may need strong credit to qualify with SoFi. But if you do, you can access specialized perks in addition to competitive rates. And if you lose your job through no fault of your own while you’re paying off a SoFi loan, you may be able to temporarily modify your payments.

How to get a $70,000 loan

Before you take out a loan, you’ll want to consider what you want to finance with the money.

For instance, if you want to renovate your kitchen, you may want to take out a home equity loan instead of a personal loan. But if you don’t own a home and want to consolidate debt, a personal loan will probably make the most sense.

It’s also a good idea to apply for prequalification with several lenders before you make a final decision. Prequalification lets you preview your potential rate and compare loan offers without a hard credit inquiry. Just keep in mind that if you decide to move forward with a lender, they’ll likely run a hard credit inquiry that can affect your scores temporarily.

There are some basic pieces of information you’ll want to have available before you apply, including …

  • Paystubs
  • W-2s
  • Driver’s license/Social Security number/identification
  • Monthly expenses, such as housing or other debts
  • How much you want to borrow
  • Information about any collateral (if you’re applying for a home equity loan, HELOC or secured personal loan)

You may be able to receive your money within a few days if you apply for a personal loan, but your timeline could be a month or more if you want to use your home equity as collateral. (The exact timing will also depend on your bank.)

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FAQs about $70,000 loans